Sytech(SH:600183) ZHONGTAI SECURITIES·2024-04-30 02:12Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 16.83 CNY per share [1]. Core Views - The report highlights that the company's Q1 performance was strong, driven by robust downstream demand and an increase in both production and sales of copper-clad laminates, leading to significant revenue growth. The company has also optimized its product structure, increasing the proportion of high-margin products [1][4]. - The report anticipates that the company will continue to benefit from a favorable market environment in Q2, with expectations of maintaining high operational rates and further optimizing product structure [1]. - The company is actively developing high-growth new products, which are expected to lay a solid foundation for future growth as downstream demand recovers [1][4]. Financial Summary - Revenue Forecast (in million CNY): - 2022A: 18,014 - 2023A: 16,586 - 2024E: 18,840 - 2025E: 21,100 - 2026E: 23,533 - Revenue growth rates: 2023A: -8%, 2024E: 13.6%, 2025E: 12.0%, 2026E: 11.5% [1]. - Net Profit Forecast (in million CNY): - 2022A: 1,531 - 2023A: 1,164 - 2024E: 1,820 - 2025E: 2,226 - 2026E: 2,658 - Net profit growth rates: 2023A: -24%, 2024E: 56.4%, 2025E: 22.3%, 2026E: 19.4% [1]. - Earnings Per Share (in CNY): - 2022A: 0.65 - 2023A: 0.49 - 2024E: 0.77 - 2025E: 0.94 - 2026E: 1.13 [1]. - Price-to-Earnings (P/E) Ratio: - 2022A: 25.9 - 2023A: 34.09 - 2024E: 21.80 - 2025E: 17.83 - 2026E: 14.92 [1]. - Price-to-Book (P/B) Ratio: - 2022A: 2.9 - 2023A: 2.8 - 2024E: 2.7 - 2025E: 2.5 - 2026E: 2.3 [1]. Investment Recommendations - The report suggests that with the current recovery in demand, the copper-clad laminate industry is expected to enter an upward cycle. The projected net profits for the company in 2024, 2025, and 2026 are 1.82 billion, 2.23 billion, and 2.66 billion CNY respectively. The report maintains a "Buy" rating based on these projections [1].